In addition to a slowing of consumer and capital spending, it may be that current PC products are running out of gas. I haven't even thought about upgrading my PC for several years. You used to have to upgrade all the time because you ran out of memory or needed faster processing.
The story on slowing earnings growth and revenue growth is not over.
There are obviously signs the economy is slowing but it's not showing up yet in earnings, and probably won't in the third quarter.